Generally, the drag adjustment mechanism for a fishing reel is located inside the housing of the reel, often making it difficult to service it, or to replace components as required. In addition, the limited space within the reel housing places restrictions on the sizes to which some drag components can be made, thereby limiting the performance characteristics of the mechanism, including smoothness of operation and dissipation of heat of friction. In addition, with the drag adjustment mechanism located inside the reel housing, conversion of some reels from right-hand to left-hand operation is not feasible.